Hagens Berman sets Sept. 21 deadline in Cogent investor suit
Hagens Berman Sobol Shapiro LLP says Cogent Communications shareholders with losses have until Sept. 21, 2026, to seek lead-plaintiff status in a securities class action over the company’s optical wavelength backlog disclosures.
Hagens Berman Sobol Shapiro LLP says Cogent Communications Holdings, Inc. investors with substantial losses have until Sept. 21, 2026, to ask a court to appoint them lead plaintiff in an ongoing securities class action. The firm’s notice says the case centers on Cogent’s disclosures about its optical wavelength backlog and whether the measure was presented as a reliable indicator of future growth, revenue and stock value.
The alert says the putative class period runs from Feb. 29, 2024, through May 1, 2026. It describes the case as a challenge to how Cogent characterized demand and the likelihood that backlog would turn into revenue.
According to the notice, the lawsuit alleges the backlog was an “illusory touted measure” that was unlikely to convert to revenue. It also says some customers in the backlog could not or would not accept delivery even if Cogent could provision wavelengths in time.
The alert lays out a series of company disclosures and stock-related events cited by the plaintiffs’ firm. On Feb. 27, 2025, Cogent reported fourth-quarter and full-year 2024 results, said backlog fell 20% sequentially and said it removed 1,500 orders because many were more than one year old, the notice said. On May 8, 2025, Cogent reported first-quarter 2025 results and said it had more installation capacity than orders ready to be installed.
The firm quoted management as saying, “we built a funnel of wavelength opportunities with no defined installation window […] [a]nd as expected, the majority of that funnel fell out.” On Feb. 20, 2026, Cogent reported fourth-quarter and full-year 2025 results and stopped providing backlog data, according to the alert.
The notice also points to Cogent’s May 4, 2026, first-quarter 2026 results, which it says disappointed on wavelength revenue and customer connections. In that disclosure, management said, “[o]n wavelength installs, we have seen a variety of customers pushing out their acceptance[]” and “[w]e actually provisioned more wavelengths in the quarter than we did in the previous quarter, but the customers did not accept them.”
Hagens Berman said Cogent’s Aug. 6, 2026, second-quarter results added to the concerns. The alert says service revenue was $235.6 million, down sequentially from the prior quarter and lower from a year earlier, and says off-net revenue fell by double digits while customer connections declined.
The source of the allegations is a promotional legal notice, not a court filing, so the claims remain unverified in this brief. The alert identifies Reed Kathrein as the Hagens Berman partner leading the investigation.
Investors who believe they fall within the class period have until Sept. 21, 2026, to act under the notice.
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